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US Jim (002621): The company changed its name to US Jim ‘s early education track
2018 Annual Report: The company achieved operating income in 20182.6.5 billion (+ 49% YoY).78%), net profit attributable to mother 0.3.2 billion (+ 71% year-on-year.90%), net profit margin 12.08% (+ 1% year-on-year.91pct) deducting non-net profit is 0.1.5 billion.The 2018 annual budget equity incentive plan corresponds to 0 share payment expenses.US $ 2.5 billion. If this factor is excluded, its net profit is attributable to the parent.5.7 billion (+208 compared to the same period last year).94%).The report completed the completion of the US Jim acquisition, forming a dual industry of education and manufacturing. The education business will become the company’s main profit contribution in the future. Profit distribution plan: The company’s total share capital is 347,595,000, and a cash dividend of 0 for every 10 shares is distributed to all shareholders.20 yuan, 7 capital shares for every 10 shares transferred to all shareholders with capital reserve. The manufacturing business grew steadily, and profitability was further improved.Revenue in 20181.5.9 billion (+ 24% year-on-year.53%), gross profit margin 44.03% (+16.48pct).The company is currently one of the largest double-wall corrugated pipe manufacturing equipment suppliers in China with the largest scale, the most complete varieties, and the complete production process. The company officially changed its name to US Jim, and in 2018 US Jim over-performed performance betting.The company completed its industrial and commercial registration on April 17, 2019 and obtained a business license and changed its company’s short name US Jim. US Jim achieved operating income in 20183.6.2 billion, net profit attributable to mothers1.91 ppm, net profit margin 52.76%.As of the end of 2018, there were 434 early education centers and 91 new stores were added. Meijim consolidated in December 2018, so Meijim achieved 0 operating income within the scope of the consolidated statement.33 ppm, accounting for 12 of the company’s consolidated operating income.44%, achieving a net profit of 0.22 trillion, accounting for 55 of the company’s consolidated net profit.34%. Kaide Education’s profitability has gradually improved. In 2018, Kaide achieved zero operating income.6.8 billion, net profit attributable to mother 0.29 trillion, complete performance betting.In Beijing, Shanghai, and Shenzhen, there are 7 directly-operated teaching centers, which are industry-leading in terms of training service quality and outstanding teacher reserves. In 2019, we will continue to deepen the education business, rapidly promote the joining and direct management of US Jim, and continuously improve the profitability of Kade Education.The early education industry is currently in a low-leakage rate and the rapid growth stage of the initial formation of early education consumption awareness. As the leader of the domestic early education industry, Meijim ranks in the top two nationwide in terms of brand power. It 重庆耍耍网 is mainly engaged in the direct operation and authorized operation of early education centers.In some first-, second-, and third-tier cities, the penetration rate is still at a certain level.In the future, “Jim Jim” will take a step forward in ensuring quality, a rich product system, and accelerate the development of online products. At the same time, it will continue to establish new direct-operated stores and franchise stores offline.At the same time, actively expand overseas markets such as India, Russia, Hong Kong, Macao and Taiwan to increase market share. Profit forecast: The company is optimistic about the quality track of the early education industry where the company is located, and its future growth distance is determined. As a key industry brand, Meijim has obvious advantages in the expansion of its first, second 深圳桑拿网 and third lines, and is expected to be in a rapid development stage in the future.Taking into account the consolidation of US Jim’s performance in 2019, the company’s US Jim + Kade education business will contribute significantly to profits, and it is estimated that the net profit for 2019-2020 will be approximately 1.75, 1.980,000 yuan, given an “overweight” rating. Risk warning: Joining expansion is blocked; early education industry policy supervision, industry competition is intensifying.

Western Superconductor (688122): a leading supplier of high-end titanium alloy leading military aviation materials
Investment points: The company is a leader in the high-end titanium alloy industry and provides key materials for the country’s new fighter aircraft. In 2018, a special titanium alloy industrialization project for high-end equipment was completed. The production capacity of high-end titanium alloy materials increased by 2,400 tons / year, and the total capacity increased to 4,950 tons / year.In 2018, the segment achieved revenue 9.10,000 yuan, an increase of 18 in ten years.3%, accounting for 85 of the company’s total revenue.9% is the core source of company revenue.The company’s titanium alloy products meet the needs of the country’s new fighter titanium alloys, and the company maintains the product technology level and quality in the forefront of the industry, and the market leader position is solid. Low-temperature superconducting products have completed structural changes at the demand side.The company’s superconducting products include ≤ titanium ingots, ≤ titanium superconducting wires, ≤ three tin superconducting wires, and superconducting verticals. They are mainly used in advanced equipment manufacturing, large-scale scientific engineering and other fields, including ultrasonic imagers, magnetically controlled straight pullMonocrystalline silicon, nuclear fusion experimental reactor, nuclear magnetic resonance spectrometer, proton / heavy particle accelerator, magnetic levitation train, smart grid equipment, etc., with a production capacity of about 750 tons / year (excluding superconducting materials and some superconducting materials).After the completion of the ITER project delivery task, the low-temperature superconducting products have gradually been transformed into the MRI field, and the gross profit margin has reversed the downward trend and increased with the increase.twenty two%. The high-end alloy segment is expected to become a new revenue growth point.The company has technological advantages in nickel and superalloy materials.In 2018, the ingot production capacity was increased by 2,600 tons / year, and small batches of products have been put on the market.In order to change the current situation of insufficient production capacity, the company will use part of the funds raised from the investment to build new production capacity and expand the production capacity to 2,500 tons, of which 1,900 tons will be nickel-based superalloy bars and 600 tons will be powder superalloy master alloysThe new production capacity is expected to bring revenue growth. profit prediction.It is expected that the company’s operating income for 2019-2021 will be 12 respectively.83, 14.89, 16.7.2 billion; net profit attributable to mothers is 1.5, 1.62, 1.800 million; corresponding EPS is 0.34, 0.37, 0.41 yuan.Considering the premium of the company’s new stock listing, we can draw a 20% premium space. It is expected that PE will change between 40 and 48 times in the short term, corresponding to a reasonable interval of 14.4-17.28 yuan. Risk reminders: industrial policy risk; high market concentration and demand risk; risk of maintaining continuous innovation ability; high customer concentration risk; risk of operating performance; risk of falling operating income of superconducting products; risk of raw material 淡水桑拿网 procurement; declassification of confidential informationAnd exemption from disclosure of some information may affect investors’ risk of judging the value of the company.

The gross profit margin 北京夜网 of the product rebounded, and the third quarter performance improved.

The company achieved revenue in the first three quarters of 20193.

6.4 billion, +28 a year.

31%; net profit attributable to mother is 0.

33 trillion, ten years +11.

74%.

Company Q3 achieved revenue 1.

38 trillion, ten years +31.

46%, +7 from the previous quarter.

81%; net profit attributable to mother is 0.

17 trillion, +67 for ten years.

22%, +54.

55%.

Reported performance The company’s performance has improved, mainly due to the rebound in product gross margin.

The first three quarters of the company’s main products nitric acid, positive stripping fluid, aluminum etching solution, hydrogen peroxide, sulfuric acid, the average sales price shifted by +4.

07%, -18.

32%, -0.

44%, -24.

74%, -0.

33%, the price of major raw materials fell sharply, of which Q3 gross profit margin was 33.

23%, an increase of 1 from the second quarter.

67 averages.

The wet electronics chemical industry leads the way, and the production capacity is gradually landing to continue the company’s development.

The company’s product range is complete, with strong supporting capabilities, and its technical level has fully reached the international semiconductor equipment and materials organization SEMI standard G2 level, and some products have reached G3 level, which is at the forefront of domestic counterparts.

It is expected that after the company’s IPO project, Zhenjiang investment project and Sichuan investment project are completed and put into operation, the company’s high-purity wet electronic chemicals production capacity will be significantly increased; the company will have G4-G5 grade production capacity and have international competitiveness.

In the process of domestic substitution, the company’s production capacity will be gradually released, which is expected to open up long-term growth space.

The product has a wide range of applications, and the downstream customers are of high quality.

The company is one of the few domestic companies capable of supplying wet electronic chemicals for flat panel display, semiconductor and LED, photovoltaic solar energy and other fields.

The company has 8 generation lines.

The 5th generation high-generation flat panel display production line supplies high-end wet electronic chemicals, and gradually replaces imports in the field of high-end wet electronic chemicals.

With years of accumulated technical advantages, the company has a large number of well-known corporate customers in various fields.

With the rapid development of the downstream industry, the customer base that it relies on will guarantee the company’s growth. It is expected that the company’s customer structure will be concentrated in areas with better profitability in the future.

Risk factors: raw material prices fluctuate, downstream demand is less than expected, and project construction progress is less than expected. Investment suggestion: The company’s future production capacity will increase significantly, and it is expected to increase its performance after reaching production.

Taking into account the fluctuations in the prices of upstream raw materials and the impact of product capacity on product prices, we maintain the company’s EPS forecast for 2019-2021 to be zero.

Hanzhong Precision Machinery (002158) Company dynamic comment: The off-season pumps do not fade The leading pump industry leverages the high prosperity of the semiconductor and photovoltaic industries

Event: The company announced its performance report and achieved revenue of 18 in 2019.

0.7 million yuan, an increase of 4 in ten years.

34%; net profit attributable to mother 2.

47 ppm, an increase of 21 in ten years.

82%.

In Q4 2019, it achieved revenue of 5.

50 ppm, an increase of 18 in ten years.

03%, an increase of 7 from the previous month.

00%; net profit attributable to mother 0.

770,000 yuan, an increase of 74 in ten years.

42%, an increase of 2 from the previous month.

67%.

The off-season is not off, and the performance of the leading pump industry has entered the fast track: the company’s Q4 2019 revenue and net profit have increased slightly from the previous quarter, and the net profit attributable to the mother has exceeded 0 for two consecutive quarters.

7 trillion, not off-season in the fourth quarter.

In 2019, the company’s revenue increased slightly, and its net profit attributable to mothers increased significantly.

82%; the substantial increase in net profit attributable to mothers continued to adjust the product structure.

7%, an increase of 2 percentage points in advance; through the increase in the proportion of vacuum product structure, the company’s net interest rate has gradually increased.

The boom in the photovoltaic monocrystalline and semiconductor markets has accelerated the expansion of production, and the company’s vacuum pumps have continued to deepen the import substitution: Longji recently announced the cash acquisition of Ningbo Yize to increase the overseas photovoltaic market; its Xi’an subsidiary invested approximately $ 4.5 billion in monocrystalline projects.Invested with Xi’an Civil Aviation Industry for a short-term 10GW monocrystalline battery and supporting pilot projects.

The prosperity of the semiconductor industry is rising. Leading companies such as TSMC, UMC, SMIC, and ASE will increase their capital in 2020 to escort the development of the semiconductor industry.

The company is a domestic leader in vacuum pumps. Vacuum products continue to benefit from the expansion of the monocrystalline photovoltaic and semiconductor industries, and are expected to gradually increase market share, leveraging the rapid growth of the high prosperity of the semiconductor and photovoltaic industries.

The company has successfully developed an air compressor for the fuel cell industry. It is expected to launch a magnetic levitation heat pump unit in 2020: a new efficient and clean battery for fuel cells. The air compressor is a key part of the fuel cell industry.

The company’s successfully developed fuel cell air compressors are expected to break new monopolies in this field and find new growth points for the company’s traditional business.

In addition, the company vigorously develops magnetic levitation heat pump units and is expected to launch this year.

As the leader of the traditional pump industry, the company actively lays out a number of emerging areas with continuous technological strength, waiting for the emerging industries to land and set sail against the wind.

Recently, the CSRC issued the “Administrative Measures for the Registration of Science and Technology Board Initial Public Offerings (Trial)” and the “Continuous Supervision Measures for Listed Companies on the Scientific and Technological Board (Trial)”, which will be implemented from the date of promulgation.

A brief comment on the science and technology board allows R & D investment but not yet profitable companies to go public. This policy is conducive to the listing of pharmaceutical innovation-related companies, and the rules for reducing holdings are more flexible.

At the same time as the scale of research and development brought about by China’s wave of innovation and research and development, the penetration rate of expansion will also continue to increase: China’s CDMO industry space = pharmaceutical R & D investment × expenditure reduction × Chinese market share.

Compared with mature pharmaceutical companies, biotechnology pays more attention to research and development; as biotechnology is usually an asset-light / virtual entrepreneurial enterprise, it naturally conducts research and development and production.

The launch of the science and technology board has expanded and broadened the financing channels for domestic biotechnology, and it will also stimulate venture capital investment in the primary market. This will rapidly increase the total scale of China’s pharmaceutical research and development, and will also rapidly increase the penetration of domestic research and development and production scale.Rate, robes increase the scale of R & D and production outsourcing industry revenue and profits.

Global industry transfer trend continues to increase China’s city share: China’s advantage lies in the bonus of engineers, low labor costs and high efficiency; advantages in infrastructure construction and basic chemical supply chain; strong domestic downstream pharmaceutical market demand; technological level and quality management capabilities have steadily improved,The IP protection system has been continuously improved, the order acceptance capability has been continuously improved, high-end overseas orders have been continuously accumulated, and international reputation has been continuously accumulated.

The company’s core competitiveness is outstanding, and the leading effect is obvious in the wave of innovation in China and the global industrial 武汉夜生活 transfer. The performance is stable and the certainty of continuous improvement is strong: the technical advantage is obvious, the quality management system is strict and standardized, the supply chain is perfect, stable, and the customer structure is excellentIt is stable, the project echelon is reasonable, the clinical project reserves are abundant, and a number of commercial new drugs and heavy varieties continue to rapidly increase volume.

With the continuous release of new production capacity and the continuous heavy volume of new orders in multiple factories of the company, the revenue end is expected to increase by more than 30% in 2019; due to factors such as exchange rates, raw material prices, and export tax rebates, the recovery of gross profit margin is strong, and there is a relatively high profit end.Earlier than 杭州桑拿 expected.

Profit forecast and investment recommendations We expect the company’s EPS to be 1 in 2018-2020.

86/2.

47/3.

23 yuan, an annual increase of 25% / 33% / 31%.

Maintain “Buy” rating.

Risks remind that downstream new drug sales are not up to expectations, upstream raw material prices are rising, exchange rate risks, environmental protection risks, new business development is not up to expectations, and core technology (business) staff turnover

Drink can help or fail Q: My boyfriend always likes to drink ML with me after drinking, but often encounters invasion that cannot be shot.

Every time I do it for a long time, my body will easily feel uncomfortable, and the bottom will also become dry and no longer wet, and he will also be affected by this, and then soften, “Hey” can only stop .May I ask if this is his problem or the problem of alcohol?

Fang Gang replied: It should be mainly an alcohol problem. I think he may be drinking more.

Some men like the state of being drunk with sex, which is risky.

Trace amounts of alcohol, such as red wine, can help.

But if drinking alcohol is toxic, or if you often have sex after drinking, you will fail.

Therefore, it is recommended to have sex in the most natural state.

Desire is the best garageComfortable, sometimes it still gets rid of quickly, so sweeping “sex”.

Is saliva a good oxidant?

Fang Gang replied: As your boyfriend said, saliva is a “natural” brake, but it is definitely not the best frequency converter.

The saliva itself is not sufficiently lubricated.

If it is necessary to use pressurization, it is still recommended to use a dedicated artificial pressurization.

But what I care about is why you do it so easily.

Theoretically, it is easy to do only when you are not excited enough and your desire is not strong.

In this way, desire is the last brake.

It is recommended that you start sex when your desire is strong and you are ready. Do not rush into battle because the man is anxious.

The bald head is a mirror. Q: My boyfriend had a normal haircut. However, I had to change the style in the previous paragraph and shaved a big shiny bald head. As a result, every time I “hey”, I looked up and saw the shiny head, Who do you think this person is, and who am I talking to?

The sense of security was lost, the climax was absent, and I was very distressed.

Is it okay for me to match him with a wig?

Fang Gang replied: He may not have to wear a wig, because his hair will soon grow out.

At this stage, turning off the light sex is an option, if this bald really affects you so much.

The hair that will grow naturally is the distance between the two. It is recommended that you increase communication so that he will not do things that make you uncomfortable and uncomfortable.
The bald head reflects the poor communication between you.

Many secretions are good. Q: My boyfriend and I have a good relationship, and my sex life is very good, but there is always a problem that bothers me-almost every time I have ML, there will be a lot of liquid injection.

I ‘ve heard people say “tidal blowing”, but it ‘s not always the same, right?

Although my boyfriend doesn’t mind, I still feel weird. Is there something wrong with me?

Is there any way to improve it?

Fang Gang replied: During sexual life, there are many vaginal secretions. First of all, it means that you were very excited at that time, and you would have such a physiological reaction.

With the secretion, there will be no pain during intercourse, and you can enter it freely.

Everyone’s situation is different, some people will be more, some will be less, but in any case this is not a “illness”, not a “strange” “problem”, there is no need to “improve”, and there is no way to changeIt is related to the individual’s physiological response.

But if it is too much and too slippery, it will affect the pleasure of a man when he pulls.

Your boyfriend has no response in this regard, which means that your situation is not too much.

Relax.

Yin asked: My boyfriend’s sex life has always been very serious: He always insists that he can only ML in the dark where he can’t see his five fingers, and can let my mouth or he be intimate with him, and never take a bath with me. Because I couldn’t stand it, he finally told me that his JJ was bent!

Excuse me, is this a serious question?

How big is the strength ML?

Is there still a rule of law?

Fang Gang replied: Each person’s penis is different in shape, from long to short, thick and thin, and naturally curved and straight.There are not a few people with penis curvature, and the degree of curvature will also vary greatly. Maybe your boyfriend is not the most curved.

As long as the penis is curved, it does not affect sexual function, and there is no physical dysfunction such as pain. It is normal and does not require treatment.

Moreover, the initially curved penis can stimulate the clitoris when it is pulled out, which is more likely to bring sexual pleasure to women.

Please relax your boyfriend and enjoy your talents.

What to do if my vagina is dry: My sexual life was almost interrupted for two years, but a few days ago, when I had a close relationship with my new boyfriend, I wanted to cooperate well.It has been very dry, but the whole process is very painful and unhappy.

I heard that if a woman has no sex for three months, her vagina will age. Is this really the case?

Generally speaking, vaginal dryness during sexual intercourse is usually caused by women’s inadequate psychological preparation, insufficient sexual arousal, and not entering into a state of having sex, and men are eager to insert it.

For you, no sexual life for two years, and the sudden arrival of sex may also be the result of insufficient psychological preparation.

Nothing, the next time I flirt more and help sex, I feel anxious to enter when I do it.

Trotter claws are not fat, but a high protein resource, especially collagen (it becomes frozen when cooled, and its gelatin can be seen). It has good effects on uterine bleeding and nosebleeds caused by physical weaknessHemostasis and coagulation.

Case 1 The wife had more than ten days of menstrual bleeding, and the amount of bleeding was more than usual. She was dizzy, weak, and unable to work normally.

Go to the hospital for a diagnosis of functional uterine bleeding.

The doctor ordered him to take a hemostatic needle and take a hemostatic medicine. At the same time, he asked a Chinese medicine practitioner to prescribe a traditional Chinese medicine to stop bleeding.

I searched the medical books and saw a prescription, and immediately tried it: take a pair of trotters and claws, and add 5 grams of black fungus soup after washing.

One day, when he knew his grandson was running nosebleeds, he immediately passed on one party and made him judge: buy a pair of pig’s claws, wash them and add black fungus 5?
10 grams of soup, divided into two meals.

When my old friend came home, he immediately did as I said.

Early the next morning, an old friend told me: Your recipe is true spirit, the grandson’s nosebleed has stopped.

I tell you again: You buy the trotters and black fungus for your grandson once a month, even 3?
In 5 months, it will be eradicated.

My old friend did as well.

Two years later, when my old friend met me, he praised me and said, “The formula you transmitted is really a magic formula. After I did it the way you said, for more than two years, my grandson’s nosebleed has not flowed.

It seems to be rooted out.

Evaluation: Trotter claws are not fat, but they are also a high-protein resource, especially collagen (it becomes frozen when it cools down, and it can be seen as much gelatin).Good hemostasis and coagulation.
The theory of traditional Chinese medicine is also known as “stopping when the blood is black.”

Black fungus is also a top-quality hemostatic and tonic, cooperating with each other and complementing each other to overcome ill health.

The medicine and food are in the same furnace, the price is low, the disease is cured, the disease is not replenished, no impurities, safe and reliable, the sick family may wish to try.

Everyone has a heart that loves beauty and pursues beauty, and uneven teeth will affect aesthetics, which is considered to be extremely depressing for those who love beauty.

Taking a self-portrait in the mirror, you will find that every time you look at the uneven teeth, you will increase your aversion to slender teeth, especially for adult friends.

Adults have better aesthetics and health, and they have higher requirements for their own image, but many of them have missed the best time for dental correction. Some friends who are 16 years old and under 18 will have hoop.Doubts about whether teeth are too late, and even more doubts about adult friends over 20 years old about whether their teeth are too late.

If you search online, you can find a lot of Weibos about whether your teeth are too late.

Is it too late for an adult to brace their teeth?

De Lun orthodontics experts point out that there is no strict age limit for hoops.

Teenagers can do it, as can adults in their 30s and 40s.

As long as your oral health conditions meet the requirements of the hoop, you can choose the hoop to solve the problem of uneven teeth.

It’s just that adults respond more slowly to hoops than teenagers, so treatment will take longer.

And many adults have rotten teeth, missing teeth, periodontitis, joint disease, etc. These pathological factors will increase the difficulty of treatment.

Is it too late for adult teething?
De Lun dental experts said that as long as your oral health is up to standard, it will not be too late, and if you love beauty, you can achieve the transformation of dental beauty through the hoop.

Moreover, according to experts, there are now more crowds of adults than youngsters.